In the latest gambling industry news, we are looking at the Keystone state as the Pennsylvania gaming industry performs better in June 2024 than it has in the same month last year. We are taking a look at the numbers for both sports betting and casino gaming in the state. Even with a month-over-month drop in numbers, both sectors performed better than they did last year.
The latest report from the Pennsylvania Gaming Control Board states that the total sports betting handle for June is at $464.5 million. This is 24.5% higher than that of June 2023. More so, revenue jumps by 27% year-over-year, and more than makes up for the 30% month-over-month decrease in revenue.
Sports Betting in Numbers: June
The $464.5 million handle has a 9.3% hold in June. This is lower than May’s 10.4% win rate. Promotional spending from sportsbooks to increase betting activity is at $13.1 million, which gives us an adjusted gross revenue of $29.9 million. Spending to increase the handle is very common in the sports betting industry, especially during the months when there are less events to bet on. For the US, summer offers less sports events. The most popular local active league is the MLB during the summer. This helps address the biggest challenge of being a bookie – generating new players and increasing activity.
Players prefer using online sportsbooks. The convenience and variety of betting products you can find in the best sports betting software are the main reasons why online wagering is very popular. The same goes for bettors in Pennsylvania- online wagering in the state totaled $436.66 million of the handle, with a gross revenue of $41.6 million coming from a 9.5% hold.
Numbers for Fiscal Year 2023-2024 Are Up
June’s numbers now bring the total 2024 handle to more than $4 billion. June marks the end of the 2023-2024 fiscal year for the state. So for this period, the total handle for the fiscal year is $8.17 billion. This is 13.4% higher than the previous year. Meanwhile, gross revenue is at $732.56 million, which is better than the previous year’s $683.4 million.
Pennsylvania Gaming Sees Year-Over Year Growth in June
Similar to the trend in sports betting, overall gaming is higher in June this year than the same month last year. They also have a dip in month-over-month numbers. Total gaming revenue for the month is at $472 million, which is 7% higher than the same month last year. This includes activities from retail casino gaming, iGaming, retail and online sports betting, and fantasy sports.
You will see from this gambling business forum which products are growing in popularity among betting markets, but overall, the outlook for the next year is optimistic. Online casinos lead the list with $160.6 million in monthly revenue. This is lower than May’s $174 million, but 18.6% higher than the same month last year. This is something to keep in mind when launching an online sportsbook- as adding casino gaming could help you generate more revenue when sports betting slows down a bit.
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